India's January Polished Exports -19%

RAPAPORT... India's January polished diamond exports fell 19 percent year on year to $1.773 billion, according to provisional data provided by the Gem & Jewellery Export Promotion Council (GJEPC). By volume, polished exports declined 37 percent to 3.326 million carats during the month.

Polished imports dropped 59 percent to $944.93 million by value, and 52 percent to 1.966 million carats by volume in January. Imports were curbed as India imposed a 2 percent import duty on cut and polished diamonds from January 17, 2012.

The country’s net polished exports, representing the excess of exports over imports, were at $828.35 million, compared with a deficit of $84.17 million one year ago.

For the month of January, India's net diamond account -- the total of polished and rough exports less the total of polished and rough imports -- registered a deficit of $112.47 million, compared with a deficit of $996.39 million one year ago.